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Dissolving a Company in: Subjects › General Economics

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rated:
   posted: Dec. 3, 2008 @ 7:15a
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In follow up to my thread about the gal thinking she wasn't getting paid, evidently there was a meeting yesterday and the company was informed that the decision was made by the parent that they are going to dissolve the child entity in its entirety.

For my own curiosity, I was just wondering what that means in English- as in, do they fire 95% of folks and keep on 1 or 2 folks to sell off assets at a bargain price?

Also, all things considered, I think she can start looking (in this economy?!) for a new job. However, I'm also looking for any wisdom on this board as to what she could do now to "make the most of it."

Who knows, others might have these questions as well given the state of everything.

Thanks.

Message edited by: smason1978 on 2008-12-03 07:16:04 CST
   posted: Dec. 3, 2008 @ 7:15a

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rated:
   posted: Dec. 3, 2008 @ 7:29a
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smason1978 said:In follow up to my thread about the gal thinking she wasn't getting paid, evidently there was a meeting yesterday and the company was informed that the decision was made by the parent that they are going to dissolve the child entity in its entirety.

For my own curiosity, I was just wondering what that means in English- as in, do they fire 95% of folks and keep on 1 or 2 folks to sell off assets at a bargain price? Why didn't your friend (or someone else) ask this question in the meeting? Seems like that would have been the logical place to get the correct answer rather than asking a bunch of random people to speculate about it. How could any of us possibly know what the parent company's intentions are?

rated:
   posted: Dec. 3, 2008 @ 9:55a
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Agreed, we can't give you details because we have no idea what the exact situation is.

However, in general, dissolved means it's going away. If it were me, I'd be out networking for a new job. And keeping on good terms with the current employer just in case something good happens.

I also wouldn't leave any of my personal property there after work hours. It's not unlikely that the place will be padlocked one morning.

rated:
   posted: Dec. 3, 2008 @ 11:50a
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I was at the meeting. It seems like they are just getting rid of wacky tie Fridays. Nothing to worry about.

rated:
   posted: Dec. 3, 2008 @ 12:41p
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Why didn't your friend (or someone else) ask this question in the meeting? Seems like that would have been the logical place to get the correct answer rather than asking a bunch of random people to speculate about it. How could any of us possibly know what the parent company's intentions are?

I asked her if any questions were asked and she said, No, everyone was shocked and speechless... I can imagine that if you're brought into an impromptu meeting and told the company is shutting down completely and everyone is out of a job, I could be a bit shocked and speechless (maybe not me...but I could see it)

To your other points, I just threw the question out here- lots of FWers out there and perhaps they've been through this before. I'm just curious more than anything.

rated:
   posted: Dec. 3, 2008 @ 1:14p
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Did she steal a bunch of office supplies/equipment when she gathered her things to leave?

rated:
   posted: Dec. 3, 2008 @ 1:21p
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Did she steal a bunch of office supplies/equipment when she gathered her things to leave?

Woohoo, I lost my job, but I have a lifetime supply of pens!!!!!!

rated:
   posted: Dec. 3, 2008 @ 1:25p
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您所有的基地是屬於我們

rated:
   posted: Dec. 3, 2008 @ 11:05p
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Tell your friend to get as many references as she can IN WRITING, as quickly as she can.
Pretty soon all her friends and co-workers will be scattered to the four corners of the earth and the HR department will cease to exist.

Have her get copies from HR of all her performance reviews and award letters.

Have her make copies of any projects she might like to showcase to potential new employers.

Have her collect email addresses of any co-workers she may want to stay in touch with.

She should also inquire if the records of her company's HR department will be transferred to the parent company.

rated:
   posted: Dec. 4, 2008 @ 12:02p
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lostdude said:您所有的基地是屬於我們

It should actually be:
基地はすべて我々に属している

rated:
   posted: Dec. 4, 2008 @ 3:26p
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mikeres said:...
Have her make copies of any projects she might like to showcase to potential new employers...

- That depends on her line of work. Generally, I wouldn't recommend keeping any copy until received permission to take from legal dept. Else it's stealing.

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